If you’re in the hunt for an ATM partner, it can be a bit overwhelming when weighing the options. There may seem to be an abundance of suppliers, but for those in high-risk industries, finding one who is willing to work with your business type and have the knowledge to help you run them successfully can be challenging. Knowing what to look for in an ATM partner will help save your business time and money. Here are a few things to consider.
TRANSPARENT FEE STRUCTURE
In any industry, but especially highly regulated ones, transparency is key. If you don’t read the fine print, there could be a plethora of hidden fees or terms and conditions. And not just for you. These fees can also be passed on to the consumer, which is not only frustrating for them but can deter a withdrawal from being made – and ultimately a purchase. Finding a partner who offers fair and transparent fee structures is crucial.
FAIR REVENUE SHARE MODELS
When operating in a highly regulated industry, fee structures and revenue models are often in the favor of the ATM provider and not the business owner. This makes finding specialists in your industry especially important. They understand the complexities of the financial landscape and can better offer a revenue share model that is beneficial for both parties.
PROACTIVE CASH MONITORING
Cash-intensive businesses rely heavily on reporting to monitor their cash flow. Having too much or too little in the machine can cause issues on both sides of the business. Too little and a machine may become inoperable, leaving consumers without a withdrawal option. Too much and critical assets are sitting in a machine that could be better utilized elsewhere. ATM partners who offer proactive reporting can help you optimize your operations.
BRANDING OPPORTUNITIES
ATMs are often located in high-traffic areas, making it a prime piece of real estate for marketing activities. Finding a partner who allows branding of the machine itself or on their screens can be a valuable income tool for your business. Adding this type of exposure to a brand partner package can be especially appealing when they’re fighting to get the attention of your consumer in-store.
HOW CAN I FIND AN INDUSTRY COMPLIANT PARTNER?
Knowing what to look for in an ATM partner goes beyond fee structures and reporting. When operating in a high-risk industry, it’s important to find one that understands the intricacies of the industry and has compliance programs in place. That includes through the entire process, from the machine itself to their Cash-In-Transit (CIT) partner. OSS offers comprehensive cash management solutions specifically designed for those operating in highly-regulated industries and recently partnered with Apple Water Management to provide full-service ATM programs to its clients. Ready to get started?
